Other financial companies to cut jobs in recent months include Goldman Sachs Group Inc, JPMorgan Chase & Co and Morgan Stanley. Bank of America previously said it would cut 7,500 jobs following the July 1 purchase of mortgage lender Countrywide Financial Corp.

Bank of America spokesman Scott Silvestri said the bank would not elaborate on where the latest job cuts will come from, how many might come from attrition, or where the banks' business activity had been hurt.

One recruiter said attrition could account for most of the announced job cuts, and that more cuts may be needed to make Bank of America more competitive.

Eventual losses may be "substantially higher" than 35,000, with many coming from the middle ranks, said Gustavo Dolfino, president of WhiteRock Group LLC, a New York-based recruiter.

Shareholders of Bank of America and Merrill approved the merger on Dec. 5. The transaction was originally valued at $50 billion, but the value has fallen because Bank of America shares have declined.

Bank of America shares closed Thursday down $1.78, or 10.7 per cent, at $14.91, while Merrill shares fell $1.43, or 10.1 per cent, to $12.67. Shares of Bank of America fell 6 cents in after-hours trading.